Philippines Report

About

Welcome to Philippines Report – we aim to provide a comprehensive and broad spectrum of the news

Our audience –

  • The local citizens of the Philippines
  • Philippines citizens based and working abroad
  • Those affiliated directly or indirectly with the Philippines by means of family ties or business

The Philippines is one of the world’s largest archipelago nations. It is situated in Southeast Asia in the Western Pacific Ocean. Its islands are classified into three main geographical areas – Luzon, Visayas, and Mindanao. Because of its archipelagic nature, Philippines is a culturally diverse country. With its topography consisting of mountainous terrains, dense forests, plains, and coastal areas, the Philippines is rich in biodiversity. It is considered as one of the mega biodiversity countries in the world with a high percentage of flora and fauna endemism.

The Philippines is one of the most dynamic economies in the East Asia and the Pacific region. With increasing urbanization, a growing middle-income class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by improving real incomes and robust remittances. Business activities are buoyant with notable performance in the services sector including the Business Process Outsourcing, real estate, and finance and insurance industries.

Sound economic fundamentals and a globally recognized competitive workforce reinforce the growth momentum. Having sustained an average annual growth of 6.3 percent between 2010-2016 from an average of 4.5 percent between 2000-2009, the country is poised to make the leap from a lower-middle income country with a gross national income per capita of US$3,580 in 2016 to an upper-middle income country status (per capita income range of US$3,956 – 12,235) in the medium term.

The Philippines remains a consistent growth performer in the East Asia region. In 2017, the Philippines was among the top three growth performers. The Philippine economy grew from 6.9 percent year-on-year in 2016 to 6.7 percent year-on-year in 2017. Growth was anchored in strong exports, while investment growth significantly slowed and consumption growth moderated. The Philippine economy is projected to continue on its expansionary path and grow at an annual rate of 6.7 percent in both 2018 and 2019. In 2020, growth is expected to level at 6.6 percent. The economy is currently growing at its potential, making productive investment in physical and human capital essential so that the economy can continue to grow along its current growth trajectory. Investment growth hinges on the government’s ability to effectively and timely implement its ambitious public investment program.

In recent years, the Philippine economy has made great strides in delivering inclusive growth, evidenced by the declining poverty rates and a falling Gini coefficient. Unemployment has reached historic low rates. Underemployment, however, remains high, near its 18-20 percent decade-long average. Majority of Filipino workers that transition out of agriculture generally end up in low-end service jobs. Thus, while employment increased between 2006 and 2015, mean wages remained stagnant, with only a four percent increase in real terms over the same period. Measures to generate good jobs and better wages therefore are essential to achieve shared prosperity.

As a well-established online Global group of companies we aim to provide a distinct coverage of the latest news surrounding the Philippines

 

References:

  1. The World Bank
  2. Wikipedia
  3. Oxford Business Group
  4. United Nations Development Programme
  5. The CIA Fact Book

Updated: 15 August 2018

 

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